This complete guide will tell you everything you need to know about selling currency online including step-by-step instructions on the ordering process.
How to sell currency online
1) Find a buyer
2) Complete an online order form
3) Post your currency and completed order form to the buyer
4) Get paid directly into your bank account
Find a buyer
Finding a buyer is the first step towards selling your currency online. Every company in the UK maintains their own internal ‘buy back’ rates which can change frequently throughout the day, and the amount you are offered for your currency depends on the prevailing buy back rates at the time you go to sell. Since no single buyer consistently offers the highest exchange rates, you can compare the best deals using our currency comparison tool which uses the latest buy back rates to calculate how much each buyer would offer for your currency.
For your security and peace of mind, all of the buyers we compare are based in the UK and are registered with HMRC and the Financial Conduct Authority (FCA) for the trading of currency.
Once you have chosen a buyer you can place a buy back order directly with them by clicking the ‘Sell Now’ button under their company description. If the buyer has their own ordering system you will be redirected to their website where you can follow the instructions to place your order with them. If the buyer does not have their own ordering system you will be redirected to our online buy back form where you can complete your order through us.
Complete an online order form
Once you have chosen a buyer, the next step is to fill out a buy back form that contains details of the currency you are selling, your contact details and your bank details so your payment can be made. Each buyer has a slightly different buy back form but we provide our own standard version that you can use with everyone.
After clicking ‘Sell Now’ you will either be redirected to their website to complete your order or you will be redirected to our standard buy back form depending on whether they have an online ordering system. In either case you will need to follow the instructions and fill in the details requested to complete your order.
Once you submit your completed order form a copy will be emailed to you and a copy will be sent to the buyer so they know to expect your order. You will then need to print your completed order form for inclusion with your currency when you post it. If you do not have access to a printer you can either print it off at a later date (a link will be sent in your confirmation email) or you can write your order out on a piece of paper instead.
Note: Large orders may require you to verify your ID by emailing a copy of your passport or driver’s licence to the buyer. These legal requirements are necessary to comply with anti-money laundering regulations here in the UK and your information will be held strictly in accordance with the Data Protection Act. You will be prompted whether or not you will need to verify your ID before you place your order, and full instructions will be given if applicable as most orders do not require these additional security checks.
Post your currency and completed order form to the buyer
The buyer’s address and postage instructions will be included at the bottom of your completed order form. You will need to securely package your currency and completed order form and send it to the buyer as soon as possible to avoid any major changes in the buy-back exchange rate that could affect the amount of money you receive.
We recommend that you post your currency using Royal Mail’s Special Delivery which is a next-working-day service that requires a signature on delivery. This service can be insured for up to £2,500 per package and should be enough for most people, however if your currency value is greater than this we recommend splitting your currency up into multiple packages each containing no more than £2,500 (remember to include a cover note with your order number in any additional packages you send).
Send your currency by Royal Mail Special Delivery for guaranteed delivery or your money back. Royal Mail insure your package for the full value of its contents and you can track your currency right up until the point of delivery where it will need to be signed for by a member of staff at the buyer’s office.
It is your responsibility to ensure your currency arrives with the buyer so please take care to package it securely. If in doubt, tell the cashier at your local Post Office branch what you are sending and ask them to make sure it is suitably packaged and insured before you post it.
Please try to post your currency as soon as possible after placing your order online. Exchange rates can change frequently on a daily basis and if your currency takes a long time to be received there is no guarantee the rate you received when you placed your order will be honoured by the time your currency is received. If this happens, the buyer will contact you and agree a new rate before processing your order and you will be offered the chance to have your currency sent back to you if you at your discretion.
Get paid directly into your bank account
Once the buyer has received your currency they will pay you directly into the bank account you nominated on your order form. Payments will be made by Bank Transfer and can take up to three working days to process, but most payments are received before this time. The buyer’s website, address and contact details will be printed on your order form, and any questions or enquiries regarding the processing of your order or payment can be answered by their customer services team.
Questions or comments?
If you have any questions on selling your currency back then we’d love to help. Please contact us with your query and one of our buy back team will be in touch with you as soon as possible.